Life Insurance

A gift of Life Insurance is a simple and easy way to support the Ontario SPCA.A life insurance policy enables the donor to leave a gift to the Ontario SPCA for a relatively small financial outlay while allowing them to make a significant gift. Many younger donors would like to make a significant contribution; however, they may not have the financial resources to make a large gift during their lifetime. A life insurance gift is the perfect answer.In addition, the donor can make a gift of either a new or existing policy.

Benefits of a Gift of Life Insurance

  • Simple and Convenient – The transaction is simple.The donor’s life insurance specialist can advise them on the type of policy that would best fit their needs, custom design their program and carry through with the necessary paperwork.
  • Inexpensive – A way to make a larger gift than the donor might otherwise be able to afford, without depleting current assets now or their estate later.
  • Leverage – The ultimate value of the donor’s policy will be far more than the premiums paid.
  • Save Taxes today – Immediate tax relief in the form of charitable tax receipts for the premiums paid.
  • Estate Preservation – The donor’s estate to their family is not diminished because life insurance, by its very nature creates an additional, separate “estate”.
  • Eliminates Probate, Legal & Executor Fees – Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to the Ontario SPCA at maturity or upon the donor’s death.
  • Peace of Mind – The donor can plan, arrange and announce the gift themselves and they will know that it will occur just as planned.
  • Control – Life insurance is not a matter of public record and allows the donor to remain anonymous. And unlike a Will, the gift cannot be contested.
  • Recognition – The donor’s gift can be honoured during their lifetime.

How does it work?
There are a number of easy ways to make a gift of Life Insurance.

  1. The donor can take an existing policy that has finished serving its original purpose and simply have the ownership and beneficiary designation transferred to the Ontario SPCA. This designation cannot be changed.

    A charitable tax receipt will be issued for the value of the policy at the time of transfer. Any continued premium payments also qualify for a charitable tax receipt.Please note that there are tax advantages to retaining existing policies. The Ontario SPCA strongly recommends that the donor discuss this matter with their insurance specialist before any transfer takes place.
  2. The donor can purchase a new life insurance policy. After one premium payment has been paid, the Ontario SPCA is named as the owner and beneficiary.The donor continues to pay the premiums and receives a charitable tax receipt for those payments. Again, this designation cannot be changed.
  3. It may be to the donor’s advantage to name their estate as the beneficiary of their life insurance policy, and then make a same dollar amount bequest in their Will to the Ontario SPCA.The donor will not receive a charitable tax receipt for any of the premiums paid during their life.However, the donor’s estate will be eligible to claim a donation for the full amount of the insurance proceeds.
  4. The donor can name the Ontario SPCA as the beneficiary on their individual or group life insurance. The donor retains ownership of the policy. The donor can change the beneficiary designation at any time.If the donor is a salaried employee and has a benefit plan that has a death benefit component to it, the donor can consider naming the Ontario SPCA as the beneficiary. However, the donor will not receive a charitable tax receipt for any premiums paid during their lifetime.

Please Seek Expert Advice: The Ontario SPCA strongly recommends that the donor seek professional advice to ensure that their financial goals are considered, their tax situation reviewed and that their planned gift is tailored to their personal circumstances.A life insurance specialist should review in detail what would best fit the donor’s needs.Before considering a planned gift of life insurance, the donor should already have satisfied any need for life insurance for the protection of their family.


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